Web infrastructure and website security company Cloudflare, Inc. (NET) recently announced that it has joined Microsoft 365’s Networking Partner Program.
Following the news, shares of the company plummeted 6.5% in Friday’s trading session.
With Cloudflare joining the Networking Partner Program of Microsoft 365, customers of Cloudflare One will benefit from access to Microsoft 365, coupled with faster performance and an optimal user experience.
Cloudflare One is a platform that protects its users from data loss, malware, and phishing through a Zero Trust application access and Internet gateway platform.
SVP, Special Projects at Cloudflare, Alex Dyner said, “By deepening our partnership with Microsoft, we are enabling customers and users to achieve optimal connectivity to Microsoft 365 locally and directly. Joint Cloudflare and Microsoft 365 customers will now benefit from reduced network complexity and cost, while achieving greater levels of security and network performance.”
Recently, JMP Securities analyst Patrick Walravens reiterated a Buy rating on the stock with a price target of $220, which implies upside potential of 56.6% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 7 Buys and 9 Holds. The average Cloudflare price target of $207.50 implies the stock has upside potential of 47.7% from current levels. Shares have gained 72.5% over the past year.
TipRanks Website Traffic
According to the tool, the Cloudflare website recorded a 16.33% monthly rise in global visits in November, compared to the same period last year. Further, year-to-date, website traffic has risen 0.65%, compared to the previous year.